KPMG: Digital banks should focus on unserved, underserved segments
Digital banks should focus on the unserved and underserved segments, as a survey conducted by KPMG in Malaysia has revealed that consumers are ready and willing to embrace digital banking.
KPMG in Malaysia's Head of Financial Services, Adrian Lee said the changing socioeconomic landscape had altered customers’ money management and spending patterns as well as the way businesses are run, with mode of payments and channels of financial management also changing.
“Digital banking presents a value proposition poised to help companies and individuals get back into the economic saddle, and financial services providers that design [their] products around customer needs will stand out the most,”
Meanwhile Head of Financial Risk Management, Yeoh Xin Yi said digital banks should be an active platform in the economic life cycle of the segments they serve and they can do so by forming an ecosystem or be part of an ecosystem that is relevant to their users, where the users will be immediately plugged into a host of services within the digital bank platform.